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The sale of real estate that is considered a capital asset will attract a capital gains tax equivalent to 6% of the purchase price or the zonal value of the property, whichever is higher. Where the real estate is an ordinary asset, the income of the seller or property owner is recognised as ordinary income subject.

The sale of real estate considered as an ordinary asset is also subject to value-added tax equivalent to 12% of the purchase price. The execution of the document evidencing the absolute sale of the real estate will attract a documentary stamp tax equivalent to approximately 1.5% of the purchase price.

In addition, local governments also impose a local transfer tax equivalent to 0.5% of the purchase price on the sale and transfer of the property. The registration and issuance of a new title in the name of a transferee of the real estate is subject to registration fees of approximately 0.25% of the purchase price.